Positive Half Year results reflect resilience and shift in performance

Today, we published our financial results for 2022-23. Despite a challenging year marked by a 17% decline in revenue and a disappointing operating loss of £109.9m, our resilience is evidenced by a healthy cash position, robust pipeline of work, and Half Year results for 2023-24 in line with expectations, with revenues of circa £500m and a return of margins to industry norms.

Operating loss was £109.9m in 2023 compared to a profit of £9.6m in 2022.

The annual turnover was £880.6m in 2023 compared to £1,086.9m in 2022.

Cash remained strong at £100.8m at year end with no debt.

In addition to the liquidity provided by shareholders, trading in the first half of FY24 has been cash positive. At the end of April 2024, we reported £105m in cash and an order book totalling £1.4b, an increase of £271m since the end of FY23.

To strengthen our position amidst volatile market conditions, we implemented a strategic review and focused on operational excellence. We reaffirmed our focus on key client relationships, risk management, profitability, and culture, and reorganised the business into a sector-focused operating model.

As a result, we entered 2024 with a confident outlook bolstered by a clear vision and a sound strategy bringing positive outcomes in our chosen sectors.

Neil Martin, Chief Executive Officer, Sir Robert McAlpine, said: “We faced a challenging year in 2023, but our resilience and the support of our shareholders allowed us to weather the storm. We have already seen a positive shift in performance in the first half of 2024. Thanks to our focus on operational excellence and on targeting quality work-winning opportunities for long-term clients in our core sectors, we are playing to our strengths. As the company celebrates its 155th Anniversary this year, I have every confidence that the business is on the right path for long-term success.”

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